PG Electroplast Q1 FY26 Earnings Results

PG Electroplast Limited (PGEL) is the flagship company of PG Group. While the PG Group had started its journey in 1977, PG Electroplast was formally set up in 2003 and is a leading, diversified Indian Electronic Manufacturing Service provider. It specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and Plastic Injection Molding, catering to 50+ leading Indian and Global brands. Presenting below are its Q1 FY26 earnings results.

 

Q1 FY26 Earnings Results

• Total Income: ₹1,504 crores, up 13.8% YoY (Q1 FY25: ₹1,324.59 crores), and up 40.9% QoQ (Q4 FY25: ₹1,079.96 crores).

• Total Expenses: ₹1,437.34 crores, up 17.5% YoY and 45.3% QoQ.

• EBITDA: ₹139.42 crores, up 3.6% YoY (Q1 FY25: ₹134.54 crores).

• Profit Before Tax (PBT): ₹84.68 crores, down 16.3% YoY (Q1 FY25: ₹101.13 crores), and down 6.5% QoQ (Q4 FY25: ₹90.52 crores).

• Profit After Tax (PAT): ₹66.98 crores, down 20% YoY (Q1 FY25: ₹83.70 crores), and down 3.7% QoQ (Q4 FY25: ₹69.55 crores).

• Earnings Per Share (EPS): ₹2.36, down 26.4% YoY (Q1 FY25: ₹31.60), and down 91.2% QoQ (Q4 FY25: ₹27.40)*.

• Revenue from Products: ₹1,159 crores, 77% of total, up 16.7% YoY.

  • Room AC Sales: Up 15.1% YoY.

  • Washing Machines: Up 36.1% YoY.

  • Coolers: Down 3.9% YoY.

• Joint Venture (Goodworth Electronics): JV revenue up to ₹147.53 crores (Q1 FY25: ₹75.47 crores), EBITDA up to ₹4.27 crores.

• Capex Plan: ₹700–750 crores for FY26 across new plants for washing machines, refrigerators, coolers, and components.

• Subsidiary PG Technoplast: Reported revenue of ₹1,211 crores in Q1.

 

Key Management Commentary & Strategic Highlights

• Q1 was challenging due to early monsoon, dampening summer product demand (coolers, ACs).

• Growth was driven by strong performance in Room ACs and Washing Machines, while Coolers saw a slight decline.

• Margin pressure continued as cost inflation and subdued demand for select seasonal products took effect, despite revenue growth.

• Continued strategic investments in new plants and capacity expansion to support core categories.

• Management remains optimistic about medium-term prospects, highlighting recovery expected as monsoon effect dissipates and new capacities come online.

 

 

Q4 FY25 Earnings Results

• Total Income: ₹1,079.96 crores.

• Profit After Tax (PAT): ₹69.55 crores.

• EPS: ₹27.40.

 

To view the company’s previous earnings and latest concall transcripts, click here  to visit the Alphastreet India news channel.